Leases

12 Months Ended

Dec. 31, 2024

We have lease agreements for office space and data center facilities. All of our leases are classified as operating leases, and we do not have any significant leases classified as finance leases.

As of December 31, 2024, the weighted-average remaining lease term was 9.4 years and the weighted average discount rate was 5.9%. As of December 31, 2023, the weighted-average remaining lease term was 6.7 years and the weighted average discount rate was 5.1%.

We recognized $62 million, $58 million and $52 million of rent expense for office space as rent and occupancy expense in 2024, 2023, and 2022, respectively, and $27 million, $32 million and $26 million for data center facilities as technology and communication expense in 2024, 2023, and 2022, respectively, within our consolidated income statements. We do not have any significant variable lease costs.

Our lease assets are included within property, plant and equipment and our lease liabilities are included in current and noncurrent liabilities within our consolidated balance sheets. Details of our lease asset and liability balances are as follows (in millions):


	As of December 31, 2024		As of December 31, 2023		As of January 1, 2023
Right-of-use lease assets	$	295	$	305	$	278

Current operating lease liability	37		60		65
Non-current operating lease liability	335		299		254
Total operating lease liability	$	372	$	359	$	319

As of December 31, 2024, we estimate that our operating lease liability will be recognized in the following years (in millions):


2025	$	56
2026	62
2027	70
2028	45
2029	29
Thereafter	247
Lease liability amounts repayable	$	509
Interest costs	(137)
Total operating lease liability	$	372

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of operating lease liability	$	90	$	85
Right-of-use assets obtained in exchange for operating lease obligations	$	88	$	115